Grayscale’s CoinDesk Crypto 5 ETF, known as GDLC, held 12.30 million XRP at the end of fiscal 2026, down from 16.87 million a year earlier, according to a Form 10-K filed with the U.S. Securities and Exchange Commission. The position declined by about 4.57 million XRP, or 27.1%, between June 30, 2025 and June 30, 2026. Its reported fair value fell from approximately $39.14 million to $12.83 million, a decline of about 67%. The filing shows that the reduction reflected about 3.00 million XRP in contributions against approximately 7.44 million XRP in redemptions, plus 153,534 XRP distributed for management fees and a net 11,912 XRP added through portfolio rebalancing. The fund also recorded roughly $28.01 million in unrealized depreciation on XRP and a realized gain of about $12.19 million from XRP transactions linked to share redemptions. XRP remained GDLC’s fourth-largest holding at fiscal year-end, accounting for 4.15% of net assets. Bitcoin represented 76.03%, Ether 12.32%, BNB 4.76% and Solana 2.74%. Total fund net assets were approximately $308.96 million, compared with $777.22 million a year earlier. GDLC is a diversified five-asset crypto index product and is separate from Grayscale’s dedicated spot XRP ETF, GXRP. The distinction comes as institutional XRP exposure expands through multiple regulated products. Recent disclosures have identified major Wall Street firms among reported XRP ETF holders, while XRP funds have continued attracting capital during periods of weak token prices. Grayscale has said XRP ETFs could eventually absorb 5% to 6% of circulating XRP supply if adoption follows the path of earlier crypto ETFs. The filing therefore indicates a smaller XRP position within GDLC, driven primarily by fund redemptions, portfolio mechanics and lower XRP valuation, rather than evidence that Grayscale has abandoned its broader XRP strategy.